Jonathan Sobel-led Georgika Auto Holdings, which received a $70 million investment from Franchise Equity Partners in October, entered a new state Wednesday with the acquisition of three stores.
Georgica Auto acquired Danbury Volkswagen, Audi Danbury and Porsche Danbury from Sobel, CEO of Georgica Auto and former Goldman Sachs partner, from Josh Weeks of Weeks Automotive Group, all in Connecticut. car news on mail. I still have the name of the store. Danbury is located in western Connecticut, near the New York state line and northeast of New York City.
The deal also included a used car store, also in Danbury.
Weeks founded his namesake group in 1989.
“West Connecticut is one of the preeminent regions for luxury brands such as Porsche and Audi,” Sobel said in a statement. “The addition of these new automotive destinations further deepens the relationship with Volkswagen his brand in the Northeast, where he now owns and operates five Audis, three Porsches, and two Volkswagen dealerships. will have to.”
Sobel said the Danbury acquisition was the first for his group, following a minority stake investment from private investment firm Franchise Equity Partners.
In October, Sobel said most of the injections would spur growth in acquisitions, but added that some funds would be used to improve the customer experience at dealership facilities and existing stores.
Franchise Equity Partners said in November 2021 that it aims to spend about $400 million on minority stakes in auto dealers over three years.
The Danbury acquisition is Sobel’s first acquisition of 2022 and the first since buying a Chevrolet-Buick-GMC dealership in Auburn, New York, in July 2021, he said. car news.
In addition to Connecticut, Georgica Auto has dealers in New York, New Jersey, and Pennsylvania. Sobel’s dealer portfolio represents domestic, import and luxury brands.
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